The House and Senate have reached a deal and we have a financial reform deal. That means we will see significant improvements over the status quo as it existed yesterday. It also means we still haven’t addressed the gravest risks to the economy. Most of all it means we – citizens who care about the future of this country – have helped our leaders accomplish much, and that we still work to do. We must be the voices of reason, the ones who praise what’s been accomplished but call for even deeper reforms going forward.
Those who want to fall into cynicism and despair can certainly find material to feed their worldview. This legislation will not stop Wall Street speculation in derivatives, and our financial system will still be dominated by a few “too big to fail” banks. Auto dealers got their sleazy carve-out from the consumer protection bureau. It was a frustrating spectacle to watch leaders on the Hill shoot down amendments that would have solved these problems. And cynics might be forgiven for believing that Treasury Undersecretary Neil Wolin’s blog post yesterday , where he overpraised the bill’s accomplishments, as a signal to Hill negotiators that the could gut the Lincoln amendment without White House objection – which they promptly did.
But, to those who would take that route, consider the words of labor leader Joe Hill: Don’t mourn, organize. We’ve learned that elected officials in Washington will respond to eloquent and impassioned voices calling for change, whether those voices are raised on phone calls to representatives, in letters and commentary, or in voting booths in Pennsylvania and Arkansas. WIthout those voices we might not have the very positive qualities that are in this bill: An audit of the Federal Reserve, which will shine a light on the hidden workings of the crony-ized banking system, a Consumer Protection Bureau designed to protect people from bank predators, and the cynical speculation in food and fuel pricies that have wreaked havoc on household budgets throughout the nation.
And for those who celebrate what this bill accomplishes: Celebrate, then organize. The two activities aren’t mutually exclusive. In fact, that should be the preferred stand. Without the principled stand of some Democratic leaders in the White House and on the Hill, coupled with some surprise moves by courageous Republicans, we wouldn’t have the reforms we have today. So, by all means, celebrate. Reward our leaders for what they’ve done right before we go about the business – our business, as citizens – of pushing them to do more.
